But the bank has been running a pilot program to make certain
payments faster using cryptocurrency technology. And other banks
are looking to get in on the action.

The Wall Street juggernaut launched its so-called Interbank
Information Network (IIN) in October 2017 and the firm's chief
financial officer Marianne Lake says the initiative is working.
The platform, which is built on top of the bank's private Quorom
blockchain, allows JPMorgan to exchange information with other
banks to address compliance issues in certain cross-border
payments, Lake said during the bank's investor day on Tuesday.
The pilot involves JPMorgan, Royal Bank of Canada and Australia
and New Zealand Banking Group, but Lake said that other banks are
looking to "join the party."

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That's not totally surprising considering how difficult
cross-border payments can be. The time and expense of such
payments is one of the things bitcoin
seeks to remedy. A bitcoin holder can send or recieve a coin in a
matter of minutes, when the network isn't super clogged up.

"One of the most costly and time-consuming elements of executing
cross-border payments today is in correspondent banks having to
research and respond to compliance inquiries of each other," Lake
said "Today, payments that are flagged for compliance reasons can
be delayed for up to two weeks, but this technology can reduce
that to minutes."

source

JPMorgan

One crypto-evangelist described the
project as an "actually pretty cool use-case."

John-Paul Thorbjorsen, the head of crypto company Canya, told
Business Insider the pilot shows JPMorgan has "figured out how to
make an entry in the space."

Lake said the IIN is the first of many initiatives the bank will
spearhead in payments.